Regulators Push Reform Agenda Through UBS Libor Deal

By Liz Hoffman

Law360, New York (December 19, 2012, 8:16 PM ET) -- The UBS AG Libor-rigging settlement announced Wednesday includes new compliance requirements for the bank that accomplish many of the objectives identified by Britain's Financial Service Authority in its proposals to bring the benchmark interest rate — called the most important number in the world — under tighter oversight.

As part of its settlement with five American, British and Swiss regulators, UBS agreed to use more objective data to calculate the borrowing rates it submits to Libor, implement firewalls between submitters and traders, prepare certain documents, track...